John Silvia, chief economist at Wachovia said:"It is still raining but we are past the worst of the storm." Or to use another metaphor thik of the economy as a bathtub. The goal is for the tub to be full for the economy to produce as much in terms of goods and services as the size of the labor force and technology will allow, to to operate at full employment with almost everyone who wants a job able to find one. Right now, the bathtub is far from full. It has been draining since the recession began 16 month ago, and the unemployment rate is 8.5%. There are optimists and pessimists. Pick you own school of thought. I am inclined to be optimistic if labor force can be properly trained. Cf."Keys for Economic Understanding." and my blogs in the past for your reference.
Here is "Lingonomics" in action as I coined the word for readers to be aware of the state of the economy.
Francis Shieh aka Xie Shihao on April 29th at 7.30 a.m.
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